focused on US office buildings. It recently
agreed to buy 1750 Pennsylvania Avenue in
Washington and Phipps Tower in Atlanta
from John Hancock Life Insurance for a
combined US$398.9m.› SUNTEC REIT SECURES S$100MSUNTEC REIT, rated Baa3 by Moody’s, raised
S$100m (US$75.1m) in five-year bonds
priced at 3.4% last Thursday with a spreadof 102bp over Singapore dollar SOR.
The unrated notes will be guaranteed by
HSBC Institutional Trust Services Singapore,
in its capacity as trustee of Suntec REIT.
Settlement is on May 10. Proceeds will be
used for general corporate purposes.
OCBC was sole lead manager and
bookrunner for the deal, which will be drawn
from a US$1.5bn Euro MTN programme.SOUTH KOREA
DEBT CAPITAL MARKETS
› KNOC HOLDS SWISS ROADSHOWKOREA NATIONAL OIL CORPORATION, rated Aa2/AA/
AA–, has mandated BNP Paribas (Suisse) andTen-bank group bidding for Sri Lanka mandate
Loans Sri Lankan firms also in fray for US$1bn loanA group of 10 banks is among the bidders
vying for the mandate on a US$1bn-
equivalent loan for the GOVERNMENT OF SRI
LANKA.
Citigroup, Credit Suisse, Deutsche Bank,
Emirates NBD, First Abu Dhabi Bank, HSBC,
MUFG, Standard Chartered, State Bank of
India and Sumitomo Mitsui Banking Corp are
the lenders in the group, while three other
bidders are also in the fray.
Quite unusually, Alpen Capital, National
Savings Bank and NDB Investment Bank – all
of which are Sri Lankan financial institutions- are also jointly competing for the mandate.
In previous instances, offshore loans for the
Democratic Socialist Republic of Sri Lanka
have largely seen foreign lenders leading the
financings.
China Development Bank and Axis Bank
have also submitted solo bids, although the
bid from Axis is for a small amount.
The sovereign has sent out a request for
proposals for the loan, to be denominated in
US dollars, euros or yen and with a minimum
maturity of three years. The original April
6 deadline for responses to the RFP was
extended to around April 20.
Sri Lanka is not expected to award the
mandate anytime soon as it is negotiating
the terms after receiving responses from the
bidding banks.
The loan follows the US$2.5bn two-part bond Sri Lanka printed in April. The
notes were split equally into a five-year
portion priced to yield 5.75% and a 10-year
piece yielding 6.75%. Citigroup, Deutsche,
HSBC, JP Morgan and StanChart were the
bookrunners.
The sovereign’s latest loan comes nearly
nine months after it closed a US$1bn three-
year facility in July last year. That deal paid
a top-level all-in pricing of 250bp based on
a margin of 200bp and a two-year average
life.
That loan followed a US$1.5bn 10-year
bond Sri Lanka raised at 6.20% in May last
year.
PRAKASH CHAKRAVARTITop bookrunners of all Singapore dollar bonds
1/1/18 – 30/4/18
Amount
Name Issues S$(m) %
1 DBS 16 2,172.8 35.5
2 OCBC 14 1,625.5 26.5
3 UOB 4 818.8 13.4
4 HSBC 4 436.7 7.1
5 Standard Chartered 5 305.4 5.0
6 Credit Suisse 3 152.5 2.5
7 CIMB Group 1 128.8 2.1
8 Hong Leong Financial 1 70.0 1.1
9 Haitong Sec 1 16.7 0.3
Total 26 6,127.0
*Market volume
Proportional credit
Source: Thomson Reuters SDC Code: AS12
Top bookrunners of all Singapore dollar bonds
(non-domestic)
1/1/18 – 30/4/18
Amount
Name Issues S$(m) %
1 OCBC 2 190.0 25.3
2* Standard Chartered 1 40.0 5.3
2* DBS 1 40.0 5.3
2* Credit Suisse 1 40.0 5.3
2* UOB 1 40.0 5.3
Total 3 750.0
*Market volume
Proportional credit
Source: Thomson Reuters SDC Code: AS14Top bookrunners of all Singapore dollar
bonds (domestic)
1/1/18 – 30/4/18
Amount
Name Issues S$(m) %
1 DBS 15 2,132.8 39.7
2 OCBC 12 1,435.5 26.7
3 UOB 3 778.8 14.5
4 HSBC 4 436.7 8.1
5 Standard Chartered 4 265.4 4.9
6 CIMB Group 1 128.8 2.4
7 Credit Suisse 2 112.5 2.1
8 Hong Leong Financial 1 70.0 1.3
9 Haitong Sec 1 16.7 0.3
Total 23 5,377.0
Market volume
Proportional credit
Source: Thomson Reuters SDC Code: AS15
Top bookrunners of Singapore syndicated loans
1/1/18 – 30/4/18
Amount
Name Deals US$(m) %
1 DBS 7 1,598.9 16.5
2 OCBC 4 1,096.7 11.3
3 Maybank 3 909.5 9.4
4 Standard Chartered 2 832.7 8.6
5 UOB 2 755.5 7.8
6 SMFG 1 645.5 6.7
7 ING 3 506.6 5.2
8 BNP Paribas 3 413.8 4.3
9 Credit Agricole 3 366.1 3.8
10 CTBC Financial 1 316.7 3.3
10* First Abu Dhabi Bank PJSC 1 316.7 3.3
Total 15 9,709.2
- Based on market of syndication and market total
Proportional credit
Source: Thomson Reuters SDC Code: S16b
Singapore global equity and equity-related
1/1/18 – 30/4/18
Amount
Name Issues US$(m) %
1 HSBC 3 315.2 23.1
2 DBS 5 260.6 19.1
3 Citigroup 2 125.9 9.2
4 RHB 1 107.7 7.9
5 UOB 4 103.2 7.6
6* Credit Suisse 2 63.2 4.6
6* Maybank 2 63.2 4.6
8* CICC 1 43.0 3.2
8* Haitong Sec 1 43.0 3.2
8* Bank of China 1 43.0 3.2
Total 25 1,365.5Source: Thomson Reuters